Tuesday, December 29, 2009

MARKET ANALYSIS

Today market opened flat ...Nifty touched 5206 level within few minutes of opening ....then pushed down to 5188.00 ...after that nifty remained range bound between 5186>>>><<<<5197..and finally after 1 pm successfully crossed 5200.00 and reached at 5214.60 but was not able to sustain at the level and slipped to 5182.00and finally able to close at 5187.95....
In this way Nifty candle made Shooting star pattern which is very prominent signal of trend revarsal...
SHOOTING STAR
Recognition: One candle pattern appearing in an uptrend. The shadow (or tail) should be at least two times the length of the body. The color of the body is not important, although a black body has slightly more Bearish indications.
Pattern Psychology: After a strong uptrend the Bulls appear to still be in control with price opening higher, but by the end of the day the Bears step in and take the price back down to the lower end of the trading range. Lower trading the next day reinforces the probability of a pullback

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